New Home Sales Up Over 11% in March

The headlines today underscore all the buyer activity that we’ve been seeing in Longmeadow and Alden Glen over the past couple of months. According to a CNBC.com article, “The Commerce Department said on Monday sales rose 11.1 percent to a seasonally adjusted 300,000 unit annual rate, after an upwardly revised 270,000 unit pace in February.” In addition, the article states that “At March’s sales pace, the supply of new homes on the market slipped to 7.3 months’ worth from 8.2 months’ worth in February. There were 183,000 new homes available for sale last month, the lowest since August 1967.” Not only is this encouraging news, but all the builders that I talk to in Birmingham have seen traffic and sales pick up since the Spring began. This year’s Parade of Homes was one of the most successful in recent memory which is another positive indicator that people are starting to get out and buy homes again. I loved seeing the good numbers today, but I love the rebirth of consumer confidence even more!